RE:Gameplan for SPG.RT Shares Hi Frank -
You are correct that these Rights are like an option, but there is almost no time-value.
It requires 2.28 rights to purchase 1 share @ $1.20.
Friday's close for the rights shows a price of $0.03/right, which implies a $1.20+0.03*2.28= $1.268/share if exercised.
Friday's close for the shares shows a price of $1.25. Ignoring the time-value aspect of the rights, if you wanted to participate in the offering you would be slightly better to sell the rights today for $0.03 and purchase a common share for $1.25 on the open market.
I hope this helps. Of course I also hope WealthSimple does not charge a fee, because if someone was selling only a few rights (say 1000), the brokerage fee would be quite high as a %.
This has been a tough ride for all minority shareholders and I wish you luck with your decision.